Legacy planning isn’t exactly the kind of topic you bring up over coffee or weekend brunch. For many of us, who are deep into careers, raising families, building assets, or supporting parents, it feels like something that belongs far off in the future. But a new study from Sun Life Asia reveals why it might be time to think about it sooner rather than later—and why many Filipinos are worried that what they’ve worked so hard to build might not last.
The report, Passing the Torch: Building Lasting Legacies in Asia, surveyed more than 3,000 people across the Philippines, Hong Kong, Indonesia, Malaysia, Singapore, and Vietnam. And what it uncovered is a mix of practical concerns, emotional truths, and generational realities that will sound familiar to anyone navigating adulthood today.
What really matters to Filipinos when planning a legacy?
For most of us, “legacy” is no longer just about passing down money or property—it’s about ensuring that the people we love are secure long after we’re gone.
According to the study, more than seven in ten Filipino respondents (77%) say that having protection in place to ensure their family’s financial security is the most important part of legacy planning. That tracks with where many mid-career Filipinos are today: juggling financial responsibilities, maybe raising kids, maybe caring for aging parents, and definitely thinking about stability.
After financial security, the next priorities are:
- Educating future generations about financial responsibilities (53%)
- Building enough wealth to pass to the next generation (52%)
This shows a shift happening right now among Filipino families. It’s no longer enough to earn and save. We want our children—and even our younger siblings, nieces, or nephews—to be equipped to handle money wisely. Teaching them to manage what they inherit is becoming just as important as leaving the inheritance itself.
How Filipinos want their legacy to be used
The study also highlights what Filipinos hope their wealth will do for the next generation. The majority—69%—prefer that what they leave behind goes to essential family needs such as housing and healthcare.
Others want their legacy to help create future opportunities:
- 63% want wealth to support long-term wealth creation, not just immediate needs.
- 62% want to fund education, whether that’s school, college, or vocational training.
If you’re someone who’s spent years building your career or starting a business, this probably resonates deeply. We want our families to be comfortable, but we also want them to have momentum—something that helps them build their own futures, not just survive day-to-day.
But here’s the hard part: many fear their wealth won’t last
This is where the report gets especially real.
A striking 81% of Filipino respondents fear that their wealth won’t last beyond their children’s generation. More than half—64%—are worried their heirs might not be financially equipped to manage what they inherit. And only 45% are confident their children will actually uphold their wishes around preserving and growing family assets.
For anyone raising Gen Z or Gen Alpha—or even navigating relationships with younger relatives—these numbers reflect the tension we often feel. Values are shifting. Priorities are shifting. Family conversations about money sometimes don’t happen as openly as they should.
Legacy is more than money—it’s meaning
This is one of the most powerful insights from the study.
When asked what kind of legacy they want to leave:
- 37% mentioned passing down wealth or property
- 16% want to leave a positive personal influence
- 13% want to pass on family traditions and life lessons
It’s a reminder that legacy isn’t just about pesos and bank accounts. It’s about who we are, what we stand for, and the stories and values we want to live on long after us.
Yet only 43% believe their children will uphold family traditions. The rest—more than half—are unsure or worried these traditions may fade.
Many are aware of legacy planning—but few feel prepared
Even as legacy planning becomes more important, only 18% of Filipinos feel fully prepared. A small minority—just 6%—have completed and communicated their legacy plans. Meanwhile:
- 53% only have partial plans
- 25% have no plans at all
Many of the conversations happening in families today are also unstructured. 42% of discussions about legacy are informal or casual. But only 19% actually prefer it that way. Most people want more structured, thoughtful conversations—they just don’t know how to start them.
Financial literacy is becoming part of the inheritance
This is one of the most encouraging trends in the study. Many families are already preparing the next generation by:
- Teaching financial basics (66%)
- Engaging in open financial discussions (57%)
- Sharing personal financial experiences (57%)
There’s also a growing interest in professional advice. 43% have already engaged advisors, and 46% are planning to.
As Benedict Sison, CEO and Country Head of Sun Life Philippines, puts it:
“People today want to pass on more than wealth; they want to give the next generation the knowledge and values to manage it wisely.”
Why this matters for our generation
We are the bridge generation: caring for older parents, raising or guiding younger ones, and trying to build stability in an unpredictable world. This study shows that we’re thinking more deeply about legacy—not just in terms of assets, but in the form of values, education, and preparedness.
Legacy planning isn’t morbid. It’s practical. It’s empowering. And as the report reminds us, it’s something we can start shaping today—through the conversations we have, the habits we teach, and the plans we take time to put in place.
To learn more about Sun Life’s award-winning products and how they can help witch your legacy planning, visit its website or contact a Sun Life advisor for personalized advice. Your future self will thank you!
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